All of the housing metrics released today by Lender Processing Services (LPS) showed movement in a positive direction. LPS generally provides a "first look" at some of the data which will be covered in its monthly Mortgage Monitor when released early the following month.
The national delinquency rate dropped 3.13 percent from February to 6.59 percent and was down 3.03 percent from March 2012. The delinquency rate translates to 3.308 million loans that are 30 or more days past due and 1.466 million loans that at 90 or more days delinquent. It does not reflect loans that are in the process of foreclosure.
The inventory of mortgages in some stage of the foreclosure process stood at 1.689 million in March, down 0.41 percent on a monthly basis and 19.6 percent on an annual basis. The foreclosure inventory rate was 3.37 percent.
All distressed loans both delinquent and in foreclosure now total 4.997 million. LPS says this is the first time the non-current inventory has dipped under 5 million in five years.
The states with the highest percentage of non-current loans are little changed from past months; Florida, New Jersey, Mississippi, Nevada, and New York.
The March Mortgage Monitor is slated for publication by May 1.